According to the contract, the university will pay Hynd, 66, a $400,000 annual salary — compared with the nearly $358,000 salary that his predecessor, Gary Russi, raked in — and is eligible for annual raises and bonuses.

The contract also stipulates:

• The university will also reimburse Hynd up to $15,000 for moving expenses.

• He will get at least five round-trip flights between Charleston, S.C., and Detroit through the end of the winter 2015 semester for his wife to attend university events.

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• He will receive additional three round-trip flights to return to Charleston.

• The university will reimburse Hynd for a furnished two-bedroom apartment near the university until Aug. 14, 2015 and until renovations to Sunset Terrace, the on-campus residence for the university president, are complete.

• Hynd will also receive a $750 monthly vehicle stipend, according to the contract, but the vehicle must be American-made.

The term of the contract is for three years from Aug. 15, 2014 to Aug. 14, 2017 with the Board of Trustees allowed to grant an extension at its discretion.

The Board of Trustees named Hynd as Oakland University’s new president following a brief meeting on July 9, and he will replace interim president Betty Youngblood and assume his duties as the sixth president of the Rochester-area school of 20,000 students Aug. 15.